Citigroup Expresses Positive Outlook on Yongda Auto's Strategic Partnership with Hongxin Electronics

Stock News09:28

Citigroup has issued a research report noting that Yongda Auto (03669) has entered into a strategic cooperation framework agreement with Xiamen Hongxin Electronics Technology Group Inc. (300657.SZ), marking a formal entry into the field of embodied intelligence.

Concurrently, an affiliate of Hongxin Electronics plans to subscribe to 73.16 million new shares in Yongda Auto at HKD 0.825 per share, representing 3.85% of the enlarged share capital and raising a total of HKD 60.36 million. The proceeds are intended for the initial deployment of embodied intelligence commercialization.

The bank holds an overall positive view on this development, suggesting it could potentially provide Yongda Auto with a second growth engine.

Citigroup maintains its "Buy" rating on Yongda Auto and reiterates a target price of HKD 1.65.

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